Department of Finance

Project bank account videos

Overview of project bank accounts

Provides an introduction to project bank accounts in BMW construction contracts including:

  • what they are and how they are structured
  • benefits and limitations of project bank accounts
  • parties involved in the payment process
  • how the payment process works

Pre-tender considerations

Describes the important factors head contractors need to be aware of in preparing a tender for a Building Management and Works construction contract. It covers:

  •  how to tell if the contract will use a project bank account
  •  key project bank account documents
  •  considerations in pricing your tender.

Post-contract award

Describes the key activities that the contractor must complete following contract award.  It includes:

  • establishing the trust
  • creating the accounts
  • conducting the $1 test payment.

Setting up a project bank account – banking information

Describes how a project bank account is structured and the process of setting up the project bank account.


Monthly payment process - timeframes

Describes the activities and timeframes for the monthly payment process.  This video complements the Monthly Payment process documentation video.


Monthly payment process - documentation

Describes the following documents that form a part of the monthly payment process:

  • progress payment instruction
  • progress report
  • statutory declaration.

Refer to the video Monthly Payment Process Timelines for additional information on payments.


Subcontractors and project bank accounts

Outlines:

  • the benefits and limitations of project bank accounts from a subcontractor perspective
  • how project bank accounts are established and how they are structured
  • which subcontractors and suppliers will be paid through a project bank account
  • payment process from a subcontractor perspective.

 

All contents © Copyright Government of Western Australia. All rights reserved.